Is Your Sales Compensation Program Working?
Leveraging Sales Compensation Analytics to Refine Your Sales Incentives
The sales compensation program is one of the most important components of any company’s go-to-market strategy. It is the single most powerful method of communicating the corporate plan to your sales reps because it operationalizes the sales strategy and puts financial incentives behind strong performance. Many companies fail to fully realize the benefit of incentive compensation dollars because they do not look under the hood. Consequently, they fail to learn where the compensation program is successful and where they are wasting money. Over the next few pages, we’ll explore this powerful tool - leveraging data to drive sales.
Why Are Analytics Important for Sales Compensation?
Today, executives and business leaders have more access to data than ever before. This data gives visibility into critical functions of the business. It allows them to fine tune their strategies and find alignment and correlations that would have previously been unidentifiable, offering new opportunities to drive cost-effective growth.
Sales compensation programs have benefited from this increase in technology and data as well by giving executives insight into sales rep performances to:
Better Manage Costs
Assess Rep Performance
Benchmark Sales Team Health
Refine Planning Processes